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Creative ideas to market this junk


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#1 DanielSun

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Posted 22 August 2013 - 02:07 PM

I haven't been active on the forum lately because I've actually decided to do real estate investing FULL TIME! Quite a leap! Very exciting times. So I've been busy trying to start up this again.

 

I have many potential deals but nothing great, and nothing done so far. One of the property is this Condo I have been trying to move.

but can't seem to move it. There were too many condo that sprang up during the last few years, and this one was on the market for 3 months before the owner cancelled the listing.

 

The pricing isn't the issue, I've put out flyers, posted signs, advertised online, got many calls, even got a few qualified buyers, but when they hear that the condo is facing a main street, and doesn't have a balcony, they don't even want to see the place.

So here is the breakdown of pros and cons, perhaps someone can give me some creative idea.

 

Pros:

- Big size, it's very rare to have 1271 sq ft 2/2 condos in the area, it's a very busy downtown area and the condos here are tiny.

- Cheapest per square footage compared to others

- Move-in ready, renovated kitchen

- has a fire place

 

Cons:

- Facing main street

- doesn't have balcony

- 5th floor, doesn't have a good view

 

So I've been trying to find some creative ways to attract people, like giving away free stuff, like a diamond ring!

(which will cost me 2-3k)

 

Any other ideas?

 



#2 <Steve>

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Posted 22 August 2013 - 06:29 PM

Congrats on going Full Time!

 

If this is a Lease Purchase offering larger or even 100% monthly rent credits can help.


Just a kid living the dream


#3 MichaelC

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Posted 22 August 2013 - 07:40 PM

Daniel, I've always believed there are only two reasons why a property can't attract a buyer or a t/b.  Either your marketing is inadequate, or your terms are  being rejected.  I'm guessing the latter, since this condo has already been on the market and I'm assuming the Realtor used his/her access to the various marketing tools that Agents will use.  The right (bargain) price will make at least one buyer willing to overlook the drawbacks.



#4 DanielSun

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Posted 23 August 2013 - 08:24 AM

Thanks Steve and Michael

 

Yeah, I've considered the price, it's already the cheapest per square foot condo in the area, and there is no more room to reduce price. Now I know this is a tough deal, had I known this at beginning i would probably not go for it. I am treating this deal like a dead horse, trying anything on it and maybe it will come back to life.

 

I've learned a couple things, such as what people are looking for in a condo. I will not try to sell a condo apartment in the near future unless it has some significant attraction, i.e. huge price reduction or breathe taking view.



#5 Chris_MA

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Posted 23 August 2013 - 10:30 AM

I've been in similar situations before, it's price.

 

A fellow investor friend of mine rehabs houses and has been known to buy properties that most other investors wouldn't touch...

For example, a house that had train tracks behind it, power lines  running next to it, and the town dump across the street from it (no joke). He was able to rehab it, sell it, and make a profit because he took all the 'crap' factors in to consideration before making the offer and priced it to sell regardless of the other factors.

 

A large condo facing an undesirable main street with no balcony or view I'm guessing should be priced lower PER MONTH (not per square foot) than nearby condo's with the same number of bedrooms and bathrooms. Square footage matters to an extent, but 1000-1100sf condo's with a nice view, balcony, etc. vs a 1200-1300sf condo with downtown traffic out the open window I don't think is a difficult decision for most people if the bedrooms, bathrooms and price are the same.

 

If yours was larger sq footage AND the least expensive 2/2 in the neighborhood you might have a different response.

 

You said there's no wiggle room with the rent amount, so learn from it and move on.  :blush:  NEXT!!!


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#6 DanielSun

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Posted 27 August 2013 - 07:19 AM

move on? NEVER!!!!

 

Well, maybe in 2 more weeks. I want to put 4 weeks in total into this, and see how it goes. This is where investing becomes hard work.


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#7 MichaelC

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Posted 27 August 2013 - 09:26 AM

Hard work?  Nah.  Laying blacktop in south Florida in July is hard work.  This stuff we do is like stealing  candy from a baby. :P  :lol:


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#8 Chris_MA

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Posted 28 August 2013 - 12:29 PM

For sure, while it's under agreement it can't hurt to do your best to move it.

 

You mentioned giving something away as an incentive, while a diamond ring might be worth money, do you think a large variety of people would have any interest in YOU giving them a diamond ring for doing a rent to own deal with them? 

I've heard of people offering big screen TV's or iPads as move in incentives, which I think appeal to a wider audience. That might be enough to sway a potential tenant/buyer to overlook the "downsides" of your place compared to what else is available  B)


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#9 MichaelC

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Posted 28 August 2013 - 12:38 PM

Chris makes a good point.  Tailor any give aways or gifts to your audience.  If I'm a homebuyer, I'd probably want something for the home.  Find a bargain on an appliance or electronic gizmo.






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